QIA to buy Qatar International shares this week
Dubai, January 14, 2009
Qatar International Islamic Bank said on Wednesday the Gulf state's sovereign wealth fund would begin buying shares in the lender this week and would take 10 per cent of its share capital by the end of 2009.
In October, the Qatar Investment Authority (QIA) launched a $5.3 billion plan to buy stakes of up to 20 percent in listed banks to shore up investor confidence in the banking sector during the global financial crisis.
The QIA would buy a 5 percent stake beginning this week and 5 percent in December, Qatar Islamic said in a statement on the Doha bourse website.-Reuters